India's Finance Minister Nirmala Sitharaman highlights the role of digital public infrastructure (DPI) in formalizing the economy during her Interim Budget speech. India's DPI, including Aadhaar and UPI, has gained global recognition and helped transfer $400 billion to beneficiaries in 5 years. It has also boosted India's GDP, now at 10% from 3.5%.

The Indian government plans to raise Rs 50,000 crore through stake sales in public sector companies in fiscal year 2024-25. However, it has consistently missed its disinvestment targets and has scaled down the current fiscal year's target to Rs 30,000 crore. Delays and issues with state governments have hindered strategic sales, while no major buybacks have taken place.

The Indian rupee rose by 7 paise to 82.9725 against the US dollar during the interim budget speech by Finance Minister Nirmala Sitharaman on February 1. This is the sixth consecutive year she has presented the budget and it comes months before the Lok Sabha elections. There are expected positive impacts on the currency with foreign investor inflows.

Finance Minister Nirmala Sitharaman stated that DBT has saved Rs 2.7 lakh crore for the government and over Rs 26.5 lakh crore has been transferred through central schemes. IMF and World Bank have praised India's efficient implementation of DBT in supporting underprivileged groups. The Interim Budget also announced crop insurance for four crore farmers under PM Fasal Bima Yojana.

India's food subsidy bill for 2024-25 is projected to be Rs 2.05 lakh crore, which is 3.3% lower than the current fiscal year's revised estimate. The increase is due to extending the Pradhan Mantri Garib Kalyan Anna Yojana by 5 years, with an estimated cost of Rs 11.80 lakh crore over 5 years. The government plans to spend an additional Rs 58,378 crore in 2023-24.

Adani Ports reported strong Q3 earnings with 65% increase in net profit and 47% surge in revenue, driven by increased cargo volumes. The company's EBITDA also saw a 59% jump. Adani Ports achieved its highest-ever quarterly cargo volume of 108.6 MMT and a key milestone of 300 MMT in the fastest time compared to previous years. It has a market share of over 24% in cargo handling.

In her Budget 2024 speech, Finance Minister Nirmala Sitharaman announced plans to promote the establishment of new medical colleges and utilize existing hospital infrastructure to do so. A committee will be formed to examine this issue and the government already has established 15 AIIMS. The government also aims to encourage cervical cancer vaccination for young girls and integrate maternal.

Finance Minister Nirmala Sitharaman gave her shortest budget speech ever, lasting only 58 minutes. Her previous speeches were much longer, with the 2020 one being over 2 hours. Important announcements included new income tax slabs, plans for LIC's IPO, and benefits for MSMEs and start-ups. It was also the first budget presented by India's first full-time woman finance minister.

Housing finance company stocks rose as Finance Minister Nirmala Sitharaman announced a new housing scheme for the middle class and a plan to build 2 crore houses in the next five years. HUDCO, PNB Housing, LIC Housing, and AAVAS Financiers saw gains. The budget also aims to address social inequalities and promote affordable housing. Real estate industry had hoped for tax breaks.

The finance minister has announced that there will be no changes in income tax slabs for the financial year 2024-25, as per the interim budget. Individuals can choose between the old and new tax regimes each year, with the new regime offering increased exemption limits and lower taxes for those earning up to Rs 7 lakh. The old regime still allows for various exemptions and deductions.

The government plans to develop India by 2047, as stated by Finance Minister Nirmala Sitharaman. The interim Budget 2024-25 includes periodic and appropriate increases in minimum support prices for farmers. Social justice is a key priority and the government aims to achieve socio-economic transformation through outcome-based policies.

Finance Minister Nirmala Sitharaman on Thursday said that about 1 crore households will get 300 units of free electricity under the rooftop solar scheme. Following the announcement, shares of green energy and related stocks jumped up to 5% with IREDA and Websol Energy leading the rally.While IREDA and Websol were each up 5%, Suzlon Energy and Sterling and Wilson rose 4% and 2%, respectively.

The Union government has allocated Rs 86,000 crore for the MGNREGA scheme in FY25, the same as in the revised estimates for this year. The outlay for the scheme has been increased significantly due to high demand during the pandemic. It guarantees 100 days of wage employment to rural households and measures have been taken to prevent leakages in the system.

Budget speech announced expansion of Nano DAP application on various crops in all agro-climatic conditions, with fertilizer stocks expected to remain in focus. This interim budget of the Modi 2.0 government will be followed by a full budget after elections. Markets reacted mildly, with Nifty up by 0.03% and FM increasing capex allocation by 11.1%.

Industrial stocks saw a correction after Finance Minister Nirmala Sitharaman announced an 11.11 percent increase in capex allocation for FY20, lower than the expected 15-16 percent. L&T, KEI Industries and KEC International recorded a decline in share prices. The increase is lower than the previous year's 25 percent growth, but industrial stocks have rallied significantly in the past year.